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Monday, October 29

29th Oct - US "Close": Hold On

Stay sharp. Stay relaxed. There's something going on somewhere, all the time. In New York, the storm will pass. Others will come. We will stay. 

Previously on MoreLiver’s:

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Roundups and Commentary
The Closer – alphaville / FT

Roundup: Greek tax evaders 1, whistleblower journalist 0 – Kiron Sarkar / The Big Picture
Fixed Income Overview – TF Market Advisors
Tomorrow’s Tape: Strictly Speaking, There is No Tape – WSJ
European Summary: Europe Closes Red For 7th Day Of Last 8 (Shortly) – ZH

Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices
Economic Calendar – Forexpros


If it is to survive, the eurozone can no longer hold private creditors as sacrosanct above taxpayers, and must crack down on the fiscal black hole of the EU’s tax havenseuropp / LSE
‘Two plus two equals four, even at the Bank of Englandalphaville / FT
Credit Suisse’s answer last week to the (rather odd) idea of the British government “cancelling” (restructuring) the gilts held by its central bank under quantitative easing…

Sweden and the SEK – Relative macro and rates drives EUR/SEKNordea (pdf)
or read the summary

How Would Portugal Have Fared in the Past Decade Under the Debt Rule?EconoMonitor
Portugal would at least have met the crisis with a more solid initial debt position had the rule been in place.

Chart of the week: Funding costs are coming downBruegel

The EC can claim "success" in CDS regulationSober Look

Visualizing The Death Of The European Sovereign Credit MarketZH
Europe's Crisis Spawns Calls for a Breakup—of Spain WSJ

What is Rajoy Waiting For ? Some ThoughtsMarc to Market 

About that Spanish bad bank...Open Europe
Soy Sarebalphaville / FT
The Spanish Bad Bank Emerges, Confirms Real Estate Absolute DisasterZH
Full presentation on Spain’s new bad bank, e.g. haircuts of 80% on foreclosed land

Greece must have debt relief, leaders to tell Angela Merkel The Telegraph
A delegation of leaders are to warn Angela Merkel that Germany must agree to Greek debt relief or risk plunging the eurozone into a fresh and more dangerous phase of the crisis.

Germany Supports ECB Greek Debt Buyback Plan, Rejects Write-offBB
Merkel’s government said it is willing to consider a European Central Bank proposal for a buyback of Greek debt, as it stepped up opposition to imposing more losses on Greece’s creditors.

Putting a new drachma in historical perspectivealphaville / FT

Revising the Greek bailout: Two more years of extend and pretend?Open Europe

Earnings and Revenue Beat Rates Bespoke
Percentage of companies that have beaten earnings and revenue estimates during each earnings season going back to 2001.  As shown, 60.7% of companies have beaten earnings estimates so far this season

An Earnings Early Warning System The Reformed Broker
With 153 S&P500 members having reported thus far, we are observing earnings and revenue miss rates that are approaching levels last seen during the September 2008 quarter.  We continue to execute our hedging strategy to protect capital during unfavorable earnings environments.

East Coast Braces as Sandy Strengthens – WSJ
Superstorm Sandy intensifying, bringing record storm surges – Wunderground
The Cold Math of Hurricane Sandy – MarketBeat / WSJ
How Hurricane Sandy Could Help Obama – big think

U.S. Stock and Options Markets to Remain Closed Tuesday – MarketBeat / WSJ
Jobs Report May Be Delayed Due to Hurricane Sandy – MarketBeat / WSJ
A Timeline of Previous Market Shutdowns – MarketBeat / WSJ
Markets Hub: Forex Trading Slowed, But Not Stopped, by Sandy – MarketBeat / WSJ
Markets Hub: How Trading Firms Prepped for Sandy – MarketBeat / WSJ
Some Fed Speakers to Cancel – Real Time Economics / WSJ

Early estimates of Sandy’s economic impact – alphaville / FT
Gauging Disaster’s Toll on an Economy – Economix / NYT
Asessing Hurricane Sandy’s Impact on GDP Growth – Real Time Economics / WSJ
Citi On The Retail Sales Impact Of Hurricane Sandy – ZH

Expectations management at the BoJalphaville / FT

Wen Jiabao’s Riches and Political Reform in China The Diplomat

Daily collectionHistorySquared
Current Account Reversals and Crises; Currencies amid Empire Declines; China Private Debt Growth

How Central Bank Policy Impacts Asset Prices 
SocGen's charts and comments.
Part 1: Equities – ZH
Part 2: Bonds – ZH
Part 3: FX – ZH
Part 4: Commodities – ZH

"Useat maat eivät ymmärrä, että ovat menettäneet suvereniteettinsa"TalSa
Euroopan keskuspankin pääjohtaja Mario Draghi sanoo saksalaislehti Der Spiegelin haastattelussa, että euromaat voivat saada suvereniteettiaan takaisin syventämällä integraatiota. Hänen mukaansa useat maat eivät ymmärrä, että ne ovat menettäneet suvereniteettinsa kauan sitten.

Euroryhmällä ylimääräinen kokous ensi viikollaTalSa
uroalueen valtiovarainministereiden euroryhmä pitää ylimääräisen kokouksen torstaina 8. marraskuuta, euroryhmää johtava Luxemburgin pääministeri Jean-Claude Juncker sanoo.

Työttömyys pelottaa hiemaneuroetana

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